The company exhibits extreme margin instability, with gross margins swinging from a 100% peak in 2025Q4 to a negative 103.2% in 2025Q3, reflecting a core business model highly sensitive to unpredictable cost fluctuations.
| Net Interest Income | 69.42M | 109.24M | 0 | 0 |
| NII Growth % | 0% | - | - | - |
| Net Interest Margin % | 4.56% | 6.04% | 0% | 0% |
| Interest Income | 110.61M | 179.57M | 0 | 0 |
| Interest Expense | 41.2M | 70.33M | 0 | 0 |
| Loan Loss Provision | 112.16M | -70.33M | 130.49M | 140.76M |
| Non-Interest Income | 41.1M | -33.41M | 142.16M | 98.14M |
| Non-Interest Income % | 27.09% | -22.85% | 100% | 100% |
| Total Revenue | 151.72M | 146.17M | 142.16M | 98.14M |
| Revenue Growth % | 44.84% | 2.81% | 44.86% | - |
| Non-Interest Expense | 425.3M | 670.33M | 177.5M | 268.98M |
| Efficiency Ratio | 280.32% | 458.6% | 124.86% | 274.08% |
| Operating Income | -426.93M | -524.16M | -165.82M | -311.6M |
| Operating Margin % | -281.4% | -358.6% | -116.64% | -317.51% |
| Operating Income Growth % | - | -216.09% | 46.78% | - |
| Pretax Income | -554.05M | -588.8M | -150.92M | -323.75M |
| Pretax Margin % | -365.18% | -402.83% | -106.16% | -329.89% |
| Income Tax | -3.81M | -5.99M | 7.63M | -4.07M |
| Effective Tax Rate % | 0.69% | 1.02% | -5.05% | 1.26% |
| Net Income | -550.55M | -582.81M | -158.55M | -319.68M |
| Net Margin % | -362.88% | -398.73% | -111.52% | -325.74% |
| Net Income Growth % | -97.26% | -267.6% | 50.4% | - |
| Net Income (Continuing) | -550.24M | -582.81M | -158.55M | -319.68M |
| EPS (Diluted) | -4.72 | -4.97 | -0.99 | -2.03 |
| EPS Growth % | -457.93% | -404.06% | 51.33% | - |
| EPS (Basic) | - | -4.97 | -0.99 | -2.03 |
| Diluted Shares Outstanding | 116.58M | 117.17M | 160.81M | 157.77M |
Regulatory and operational insolvency
As reported in financial statements, Gemini's gross margin profile exhibits extreme instability, swinging from a 100% peak in late 2025 to a negative 103.2% in the third quarter of 2025, suggesting that the company's core transactional revenue model is highly sensitive to unpredictable cost-of-revenue fluctuations.
The erratic nature of these margins implies that the firm lacks a stable cost-to-revenue conversion mechanism, likely exacerbated by the irregular recognition of legal settlements and platform-related expenses. Investors should monitor whether these swings represent permanent structural challenges or temporary accounting adjustments related to the resolution of the Earn program.
Based on Gemini's reported figures, the company continues to struggle with massive operating losses, as evidenced by a -358.60% operating margin, indicating that the current revenue base is fundamentally insufficient to cover the heavy fixed-cost burden associated with its regulatory and compliance-heavy business model.
The persistent gap between revenue generation and operating expenses suggests that the firm has yet to achieve the necessary scale to leverage its infrastructure. Without a significant increase in trading volume or a drastic reduction in overhead, the current operating structure appears to be a persistent drag on capital.
According to recent SEC filings, Gemini's net income is consistently negative, with quarterly losses frequently exceeding $100 million, a trend that is further complicated by the inconsistent application of stock-based compensation and non-operating charges that distort the underlying economic reality of the firm's performance.
The presence of significant stock-based compensation, such as the $24.2 million recorded in 2026Q1, suggests that dilution remains a material concern for equity holders. The lack of a clear path to positive net income warrants further investigation into whether the company's core operations can ever become self-sustaining.
While the company emphasizes its NYDFS regulatory status, the financial data suggests this competitive advantage may be a liability, as the high cost of maintaining such compliance contributes to the company's inability to achieve profitability compared to more agile, less-regulated market participants.
Short-sellers would likely focus on the disconnect between the firm's 'trust' narrative and its inability to generate positive cash flow. The reliance on a high-cost regulatory framework may ultimately prevent the company from competing effectively on price in an increasingly commoditized digital asset market.
Quick answers to the most common questions about buying GEMI stock.
Gemini Space Station, Inc. Class A Common Stock (GEMI) reported a net loss of $582.8M for the fiscal year ending 2025.
Gemini Space Station, Inc. Class A Common Stock (GEMI) reported an operating income of $-524.2M, resulting in an operating profit margin of -358.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Gemini Space Station, Inc. Class A Common Stock (GEMI) generated $146.2M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.